Details
Raju Vernekar
vernekar.raj@gmail.com
“The Insurance Regulatory and Development Authority of India (Irdai) has directed all life insurers to come out with a standard plan ‘Saral Jeevan Bima’ from January 1, 2021.”
“The product will have the same features, benefits, inclusions and exclusions across all life insurers though the prices may differ. The policy, which will be available for those in the age group of 18-65 years, will be for a term of 5 to 40 years with a maximum maturity age of 70 years. The minimum sum assured will be between Rs 5 lakh and Rs 25 lakh.”
““There are many term products in the market with varying terms and conditions. Customers who cannot devote adequate time and energy to make informed choices, find it difficult to select the right product and products may not be available for the intended sum assured,” the IRDAI said.”
The Standard Term Life Insurance Product
“The standard individual term life insurance product shall be called, ‘Saral Jeevan Bima”, the insurer’s name shall be prefixed to the product name, “Saral Jeevan Bima” is a non linked non participating individual pure risk premium life insurance plan, which provides for payment of Sum Assured in lump sum to the nominee in case of the Life Assured’s unfortunate death during the policy term.”
“Apart from the benefits and riders in the Annexure, no other riders / benefits / options/variants shall be offered. There shall be no exclusion under the product other than the suicide exclusion. The product shall be offered to individuals without restrictions on gender, place of residence, travel, occupation or educational qualifications. The insurers shall have to file the the product as per the above parameters and in compliance with the extant regulatory provisions through File and Use. The policy document and the terms and conditions of the Standard Product shall be in the format provided by IRDAI.”
“There are over 25 life insurance plans with different companies offering different packages. They include: Aditya Birla Sun Life Shield Plan(entry age 18-65 years) (term 10-20/30 years)(sum assured Rs 25 lakh, No Upper Limit), Aviva Life Shield Advantage Plan(entry age 18-55 years) (term 10-30 years)(sum assured Option A-Rs 35 lakh, No upper Limit, Option B-Rs. 55 lakh,No Upper Limit) and Aegon Life i Term Plan (entry age 18-75 years). (term 5-40 years)(sum assured- Rs 10 lakh, No upper Limit).”
“Bharati AXA Life Premium Protect Plan (entry age 18-65 years) (term 10-15/35 years)(sum assured Rs 25 lakh, No Upper Limit), Bajaj Allianz i- Secure (entry age 18-70 years). (term 10-30 years)(sum assured Rs 20 lakh, No Upper Limit), Canara HSBC e Select + Term Plan (entry age 18-65 years). (term 10-30 years) )(sum assured Rs 25 lakh, No Upper Limit), Edelweiss Tokio Life Simply Protect Plan(entry age 18-65 years) (term 10-40 years)(sum assured Rs 25 lakh, No Upper Limit) and Future Generali Flexi Online Term Insurance(entry age 18-55 years). (term 10-75 years)(sum assured Rs 50 lakh, No Upper Limit).”
“HDFC Life Sanchay (entry age 30-45 years). (term 15-25 years)(sum assured Rs 1,05,673-No Upper Limit),HDFC Click2 Protect Plus(entry age 18-65 years). (term 10-30 years)(sum assured Rs 10 lakh-Rs. 10 crore), India First Life Plan(entry age 18-60 years) (term 05-40 years)(sum assured Rs one lakh-Rs 5 crore), IDBI Federal Income Protect Plan(entry age 25-60 years) (term 10-30 years)(sum assured N/A), ICICI Pru iProtect(entry age 20-75 years). (term 10-30 years)(sum assured Rs Three lakh-No Upper Limit), Kotak Life Preferred e-Term(entry age 18-75 years). (term 10-40 years)(sum assured Rs 25 lakh), LIC Tech Term (entry age 18-65 years). (term 10-50 years)(sum assured Rs 50 lakh-No Upper Limit), LIC Jeevan Amar (entry age 18-65 years). (term 10-40 years)(sum assured Rs 25 lakh-No Upper Limit), Max Life Small Term Plan (entry age 18-60 years) (term 10-50 years)(sum assured Rs 25 lakh-Rs 100 crore), Pramerica Life U Protect (entry age 18-55 years). (term 10-30 years)(sum assured Rs 25 lakh, No upper limit), PNB Metlife Mera Term Plan (entry age 18-65 years). (term 10-40 years)(sum assured Rs 10 lakh, No upper limit) and Reliance Nippon Life Protection Plus (entry age 18-60 years). (term 10-40 years)(sum assured Rs 25 lakh, No upper limit), SUD Life Abhay Plan (entry age 18-65 years). (term 15,20/40 years)(sum assured Rs 50 lakh, Shriram Life, cash back Term Plan, (entry age 12-50 years). (term 10,15,20,25 years) (sum assured Rs 02-Rs 20 lakh), Sahara Shrestha Jeevan Bima (entry age 09-60 years) (term 5-10 years) (sum assured Rs 30,000-Rs One crore),SBI Shubh Nivesh Plan (entry age 18-60 years). (term 5-30 years) (sum assured Rs 75,000 No upper limit),SBI e-shield Plan (entry age 18-70 years). (term 5-30 years)(sum assured Rs 20 lakh, No upper limit) and Tata AIA, (Sampoorna Raksha) (entry age 18-70, 65 years). (term 10,15/40 years) (sum assured Rs 50 lakh, no upper limit).”
